Read the Article https://maddenlawpllc.com/wp-content/uploads/2019/02/A-Weapon-of-Mass-Destruction-Strikes.pdf... [Read more...]
Listen to audio of the argument here:
On October 18, 2018, Jerry Madden presented oral argument on behalf of Tamela M. Lee in the United States Court of Appeals for the Sixth Circuit in an appeal which presents issues of first impression in the Sixth Circuit. Ms. Lee is a former Summit County (Ohio) Council member who was convicted of “honest services” fraud and Hobbs Act extortion. She was indicted prior to the Supreme Court’s decision in McDonnell v. United States, 136 S. Ct. 2355 (2016) but tried after the McDonnell decision.
In McDonnell, the Supreme Court dramatically narrowed the definition of what constitutes an “official act” that could give rise to criminal liability of a public official. Governor McDonnell of Virginia was convicted for accepting $175,000 in loans, gifts and, other benefits from a constituent, Jonnie Williams, related to Williams’s efforts to have Virginia universities recognize that a supplement he was marketing, called Anatabloc, had health benefits and to have the state’s employee health plans cover the cost of purchasing the supplement. The United States Court of Appeals for the Fourth Circuit affirmed McDonnell’s conviction concluding that McDonnell committed an “official act,” thereby triggering criminal liability, when he hosted a dinner at the Governor’s Mansion in which Williams and relevant... [Read more...]
In the Dodd Frank Act, Congress directed several federal agencies, including the Board of Governors of the Federal Reserve System (FRB) and the Securities and Exchange Commission (SEC), [i] to jointly promulgate a regulation that requires securitizers of asset-backed securities to retain at least 5 percent of the credit risk of the underlying loans. 15 U.S.C. §78o-11(c)(1)(B)(i). In response, the agencies promulgated the Credit Risk Retention Rule (CRR Rule), 79 Fed. Reg. 77,601 (Dec. 24, 2014). The CRR Rule fosters appropriate underwriting of securitized loans by requiring securitizers to retain “skin in the game.” S. Rep. No. 111-176, at 129. The Loan Syndications and Trading Association (LSTA) sued the FRB and SEC challenging the application of the CRR Rule to a distinct segment of the asset-backed securitization market, known as collateralized loan obligations (CLOs).... [Read more...]
The wisdom of the administrative state, which has its roots in the Progressive and New Deal Eras, is much debated today in all three branches of the federal government. Given the stakeholders who benefit from regulation and those who seek to dismantle the regulatory-agency model, there is every reason to think that suits challenging decisions of the United States, including the president and federal agencies, will increase in the coming years for two reasons. Those who benefit from regulation will resist deregulation, in part, by challenging
in court an agency’s justification for repeal of regulations where repeal is inconsistent with the agency’s congressional mandate. Those favoring deregulation will challenge final agency decisions not only to slow or reverse the impact of regulation generally but also to advocate for overturning case law that requires the courts to defer to an agency’s interpretation of statutes it implements and its accompanying regulations.
In ancient Greece, speech was thought to be superior to writing. Socrates said that true knowledge and understanding is not served by writing because it leads to misunderstanding and cannot be questioned.... [Read more...]
Fallout from the Great Recessions continues to work its way through the courts. The latest is Perry Capital LLC v. Mnuchin, No. 14-5243 (D.C. Cir.), a high-profile case in which shareholders... [Read more...]